Have you been fired or denied employment due to the Auction Insurance Agency's "KO Book" (EKO system) ?

We are investigating use of the Auction Insurance Agency's "KO Book" , Which is now the Electronic KO Book. 

The KO book is used by auto auctions to determine creditworthiness of buyers.  When we did our initial investigation, we determined that in cases where the auction is qualifying the buyers as businesses, the KO book is likely legal because in that context it is not a consumer credit agency subject to the Fair Credit Reporting Act.

We are investigating complaints by individuals  had been involved with a failed dealership and later tries to seek work in the industry as an empoyee of another company who wants to buy vehicles at the auction.  Under the current system, these individuals may be listed in the KO book, with that information used to blacklist or keep the individual out of the auction as an agent of their employer. This effectively keeps these individuals from jobs as buyers. 

We have had two complaints relating to this practice.  If you have been denied employment or terminated as a buyer because of information in the KO book, please call my office at 317-662-4529. 

The information in this post came from multiple sources and is believed to be correcct if you believe any information in this post is factually incorrect, please contact my office. 

Washington Post on Private Equity Funds Cashing in on Desperate Poor People

There is an interesting article on washingtonpost.com today concerning on how private equity funds are cashing in on the short term cash needs of poor people, Billionaire-controlled private equity funds are investing heavily in payday loans and high-intereset personal loans including "check loans"  Highlighted in the story is Mariner Finance, a firm run by a private equity firm headed by Timothy Geithner.

  If that name sounds familar Geithner was the Secretary of the Treasury under President Obama.. In my opinion, President Obama was an excellent president who made two big mistakes (1) Not going to the mat for his Supreme Court pick, and (2) picking Timothy Geithner as his Secretary of the Treasury.  Time and again Geithner was two-faced in claiming to be pro-consumer but taking actions that were pro-lender.  Although Geithner denies it, many people believe that Geithner was responsible for President Obama not nominating Elizabeth Warren as the first permanent head of the Consumer Financial Protection Bureau, the important agency that she conceived. 

If you get tangled up in predatory installment loans or paday loans that you can't pay, you should consult with a consumer lawyer or bankruptcy lawyer in your area.  Because the laws are written to protect these lenders, there may be nothing a lawyer can do for you directly except filing bankruptcy; however indirectly these companies might violate the Fair Credit Reporting Act and the Fair Debt Collection Practices s Act. Their dunning phone calls and text messages may violate the TCPA.  In cases of disabled customers, elderly customers, and customers who don't speak English, the loans might be rendered void. 

Thanks to Carol P. For pointing out this article to me.